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Top Financial Advisors in Palatine, IL

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Finding a Top Financial Advisor Firm in Palatine, Illinois

Are you looking for a financial advisor in Palatine, Illinois? SmartAsset's list of the city's top financial advisor firms can help you with your search. Below, we've listed qualifying firms by the amount of assets they manage, along with information about their account minimums, fee structures, typical clients and more. SmartAsset also has a free financial advisor matching tool that can connect you with up to three financial advisors in your area.

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Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Detterbeck Wealth Management Detterbeck Wealth Management logo Find an Advisor

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$226,691,687 Varies based on account type
  • Financial planning
  • Portfolio management

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management

What We Use in Our Methodology

To find the top financial advisors in Palatine, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:

  • AUM
    Firms with more total assets under management are ranked higher.
  • Individual Client Count
    Firms who serve more individual clients (as opposed to institutional clients) are ranked higher.
  • Clients Per Advisor
    Firms with a lower ratio of clients per financial advisor are ranked higher.
  • Age of Firm
    Firms that have been in business longer are ranked higher.
  • Fee Structure
    Firms with a fee-only (as opposed to fee-based) compensation structure are ranked higher.

All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.

Detterbeck Wealth Management

According to our research, the top firm in Palatine is Detterbeck Wealth Management. The firm and its team of financial advisors exclusively serve individual clients. About a third of these individuals have a high net worth. The premier offerings available through this firm are financial planning and investment management.

There are variable minimum asset requirements needed to become a client, depending on the services you want access to. More specifically, the firm's Total Wealth Managing service has a $1 million minimum, whereas its Emerging Investor Program has a much lower $200,000 minimum. The firm reserves the right to waive either of these requirements.

Detterbeck is a fee-only firm. This means that it only receives compensation in the form of advisory fees from clients; it does not receive third-party sales commissions.

Detterbeck Wealth Management Background

Detterbeck Wealth Management opened its doors for business in 1999. Lester G. Detterbeck and Brett M. Detterbeck are the two principal shareholders of the firm. Lester Detterbeck serves as chairman of the board, secretary and treasurer, while Brett Detterbeck is the president, chief compliance officer (CCO) and head portfolio manager.

In addition, Lester Detterbeck is a certified public accountant (CPA), personal financial specialist (PFS), certified financial planner (CFP), chartered financial analyst (CFA) and accredited investment fiduciary (AIF). Brett Detterbeck is a CFP, CFA and AIF. The only other advisor at the firm is a CFP and an accredited wealth management advisor (AWMA).

Detterbeck Wealth Management provides clients with two different types of advisory services. The first is investment management, which, aside from helping clients manage their investment portfolios, may also help clients find tax, retirement and other solutions to their financial issues. Financial planning services are designed to help clients achieve long-term financial goals. The firm also offers an automated investment program through Charles Schwab.

Detterbeck Wealth Management Investment Strategy

Detterbeck Wealth Management's advisors work with clients to develop a financial profile and an investment policy statement (IPS). This information-gathering phase includes taking note of each client's financial situation, tax situation, investment goals, tolerance for risk, liquidity needs and any other details that may be relevant when it comes to crafting a viable, long-term investment strategy.

Adviors at this firm do a significant amount of research and analysis when it comes to developing a client's portfolio. They use a combination of fundamental, technical, quantitative and qualitative analysis, along with several publically available sources of information, to help them make investment decisions. The firm typically takes a long-term approach to investing. Its core strategies revolve around fixed-income, equities or both.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research